Terms and Conditions- Amortized Installment Loan

These Terms and Conditions are applicable to Pre-Approved customers Only

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE ACCEPTING THE BANK’S LOAN OFFER, BECAUSE BY DOING SO, YOU ACCEPT AND AGREE TO BE BOUND AND TO ABIDE BY THESE TERMS AND CONDITIONS.
IF YOU DO NOT ACCEPT, AGREE WITH OR DO NOT WISH TO BE BOUND BY ANY OF THE TERMS, PLEASE DO NOT ACCEPT THESE TERMS AND CONDITIONS.

First Citizens Bank Limited
General Terms and Conditions- Amortized Installment Loan

These General Terms and Conditions shall apply to and are expressly incorporated in the offer of an Amortized Installment Loan Facility, made to you by First Bank Limited (“the Bank”).

Disbursement
Proceeds of any Loan granted will be disbursed in the following order:

  1. Repayment of outstanding balance/s on your existing facility/facilities;
  2. Credit to your deposit account

Security
Any security previously provided by you to the Bank as a continuing security for the payment of any and all moneys owed by you to the Bank from time to time will constitute security for the newly granted Loan.

Payment
Monthly instalments of the sum indicated in your acceptance of the Bank’s offer commencing on the 28th day of each and every month thereafter, until the loan is repaid.

Group Life Plan
The Bank offers Group Life Insurance coverage (with TRINRE Insurance Company Limited referred to as “the Insurance Company”) for Borrowers between the ages of eighteen (18) years to sixty-five (65) years which allows the loan to be repaid in the event of death of the Borrower (or one of the Borrowers herein referred to as the ‘Insured’) before the indebtedness to the Lender has been repaid, subject to the below exclusions: –

  1. Any contributing cause of the death (Pre-existing Condition) of an Insured Borrower is sickness which first became manifest prior to the acceptance by the Insurance Company of the Borrower’s Proposal in respect of which the benefit is claimed unless the Insured Borrower has been insured pursuant to such Borrower’s Proposal for a continuous period of twelve (12) months prior to his death
  2. If any Insured Borrower shall die by suicide (whether sane or insane) within two (2) years of the date of acceptance of any Borrower’s Proposal by the Insurance Company in respect of his life, the Insurance Company shall not be liable for payment of the Death Benefit stated in the Certificate of Insurance issued in respect of such Borrower’s Proposal.
  3. No benefit shall be payable if the death of any Insured Borrower occurs directly or indirectly from or through insurrection, invasion or war (whether war is declared or not) or any act incidental thereto.
  4. The Insured Borrower willfully exposing himself to needless peril not associated with the inherent nature of his employment (except in an attempt to save human life).
  5. The Insured Borrower committing, attempting or provoking an assault or criminal offence.

Notice of Claims
The Insured’s representative(s) must provide written notice of the Insured’s death together with particulars sufficient to identify the Insured to the Bank (inclusive of the certificate of death) within one hundred and twenty (120) days from the death of the Insured.

Termination of Insurance Benefit
Further to the exclusions referenced herein, the benefits of the Insured shall automatically terminate in the following circumstances-

  1.  The facility to which the life insurance is attached is closed;
  2. The Insured reaches the age of seventy-five (75);
  3.  Where the Insured defaults on three (3) consecutive loan payments;
  4. In the event of joint loans, coverage will be cancelled on the death of any one of the insured customers.

Examinations
The Insurance Company shall have the right and opportunity through its medical representative to examine the Insured when and so often as it may reasonably require during the pendency of a claim and in case of death, to investigate the circumstances of the death, to examine the body and unless prohibited by law, to request or order an autopsy either before or after burial.

Insurance Coverage

 Loan valueUntil 55 years oldBetween 56 and 65
 Up to TT$750,000.00Enrolment Form (Letter of Offer)Enrolment Form (Letter of Offer)
 From TT$750,000.01 up to TT$ 1,000,000.00Enrolment Form (Letter of Offer) and Health StatementEnrolment Form (Letter of Offer) and Health Statement
 From TT$1,000,001.00 up to TT$ 2,000,000.00Enrolment Form (Letter of Offer) and Health StatementEnrolment Form (Letter of Offer) and Health Statement Medical exam required
 From TT$2,000,001.00 up to TT$3,000,000.00Enrolment Form (Letter of Offer) and Health Statement Medical exam requiredEnrolment Form (Letter of Offer) and Health Statement Medical exam required

Credit Information
You hereby authorize and consent to the Bank receiving and exchanging with other persons any financial information about the you including but not limited to credit information. 

Legal Advice
Prior to acceptance of this offer you are encouraged to avail yourself of the opportunity to obtain independent legal advice in connection with accepting the Bank’s offer of an Amortized Instalment Loan.  

Validity
If any provision of this Agreement is wholly or partially unenforceable for any reason, such unenforceability shall not affect the enforceability of the balance of this Agreement, and all provisions of this Agreement shall, if alternative interpretations are applicable, be construed so as to preserve the enforceability hereof.

No Amendment
The Bank shall not be bound by any amendment/ alteration to the terms and conditions herein and any such amendments/alterations shall result in an immediate revocation of this offer.

Law and Jurisdiction
This Agreement shall be governed by and construed in accordance with laws of the Republic of Trinidad and Tobago. You hereby irrevocably submit to the exclusive jurisdiction of the Courts of Trinidad and Tobago.

This agreement shall be binding upon and inure to the benefit of yourself and the Bank and your respective successors and assigns.

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Trinidad and Tobago

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